Pair Correlation Between Exmo Ethereum and Coinbase Ethereum

This module allows you to analyze existing cross correlation between Exmo Ethereum USD and Coinbase Ethereum USD. You can compare the effects of market volatilities on Exmo Ethereum and Coinbase Ethereum and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Exmo Ethereum with a short position of Coinbase Ethereum. See also your portfolio center. Please also check ongoing floating volatility patterns of Exmo Ethereum and Coinbase Ethereum.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Exmo Ethereum USD  vs   Coinbase Ethereum USD

Exmo

Ethereum on Exmo in USD
 688 
3.89  0.57%
Market Cap: 2.6 B
(6.5)

Coinbase

Ethereum on Coinbase in USD
 694.5 
(19.21)  2.69%
Market Cap: 38.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Exmo Ethereum is expected to generate 1.06 times less return on investment than Coinbase Ethereum. But when comparing it to its historical volatility, Exmo Ethereum USD is 1.3 times less risky than Coinbase Ethereum. It trades about 0.39 of its potential returns per unit of risk. Coinbase Ethereum USD is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest  32,899  in Coinbase Ethereum USD on November 16, 2017 and sell it today you would earn a total of  37,900  from holding Coinbase Ethereum USD or generate 115.2% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Exmo Ethereum and Coinbase Ethereum
0.89

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Exmo Ethereum USD and Coinbase Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Coinbase Ethereum USD and Exmo Ethereum is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Exmo Ethereum USD are associated (or correlated) with Coinbase Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coinbase Ethereum USD has no effect on the direction of Exmo Ethereum i.e. Exmo Ethereum and Coinbase Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Exmo Ethereum USD

  
25 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Exmo Ethereum USD are ranked lower than 25 (%) of all global equities and portfolios over the last 30 days.

Coinbase Ethereum USD

  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Ethereum USD are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days.